Answer to Glen

Glen said...
Sunday, June 26th, 11:38 p.m.

Ms. Ameen

I'm considering starting my own mortgage brokerage though I don't want to pay for a franchise to get a list of financial institutions. What other options would I have and how would I go about doing it?

How does one become qualified to be able to approve customer's VA and FHA mortgages?

Glen,

Contact your local Association of Mortgage Brokers and get their latest newsletter or magazine and a list of their members. Then do the same for the Association of Mortgage Bankers. That will give you a huge list of lenders.

You can also search on the web, or visit any mortgage trade show, or read any mortgage magazine.

For FHA and Va you will have to meet their requirements. They have a net worth requirement, and a financial requirement. Your books must be audited by a special accountant every year. This is what costs several thousand dollars to do.

But you can find more info at hug.gov for FHA.

We are working on a book How To Start A Mortgage Company which will answer all these questions for you and give you all the info, but it will still be a few months before it comes out.